The Insurance Commission of the Philippines (IC) has initiated a conservatorship arrangement for Carehealth Plus Systems International, Inc., citing the firm's continuous non-compliance with mandated regulatory requirements.
The measure, which took effect Monday, comes in response to Carehealth's failure to abide by the commission's laws, circulars, rules, regulations, and directives as specified in circular letter no. 2019-35.
The appointment of attorney Jay A. Ramirez from the Conservatorship, Receivership, and Liquidation (CRL) Division of the Insurance Commission as the interim ex-officio conservator is aimed at rectifying the compliance issues while safeguarding the interests of Carehealth's policyholders and creditors.
The commission has advised stakeholders, including plan holders and creditors, to direct their claims and inquiries to Ramirez. This step is indicative of the regulatory body's proactive stance in ensuring the stability and reliability of insurance providers operating within the Philippines.
In other news from the IC, the Philippine insurance industry is facing a new accounting standard to enhance the transparency and international comparability of their financial reports.
